Private equity firms Bridgepoint Development Capital and Lloyds Development Capital (LDC) have made a growth capital investment in locksmith Evander Glazing & Locks.

Private equity firms Bridgepoint Development Capital and Lloyds Development Capital (LDC) have made a growth capital investment in locksmith Evander Glazing & Locks.

The transaction is a new investment for Bridgepoint and a secondary funding for existing shareholders LDC, part of Lloyds TSB, who backed the original management buy-out of the business from Homeserve Emergency Services in September 2009.

Bridgepoint and LDC have invested alongside Evander’s management team in the fundraising that will be used to grow the business’s market share across the UK. Senior debt funding has also been secured from HSBC Leveraged Finance in the Midlands. The amount invested from the parties has not been disclosed.

Norwich-based Evander is a glazing and locks provider to the domestic insurance industry, which employs 350 engineers and has generated revenues of £46 million in 2011. The company partners with insurance companies to supply their policyholders with emergency repair services, normally following a burglary or an accident.

Evander also serves customers in the commercial and social housing sectors, providing contracted maintenance and emergency response services to construction and facility management companies, retailers, banks and local authorities.

Alan Horton, managing director at Evander, comments, ‘We are determined to ensure that our business continues to provide the service and support expected by all of our existing customers, and to surpass the expectations of new customers that come on board.’

Bridgepoint provides funding, particularly in buy-outs valued up to €150 million, to businesses headquartered in France, the Nordic region and the UK. Earlier this week, LDC sold Volvox Group, a supplier of auto electrical products and industrial consumables, to Elysian Capital in a sale that sees the firm fully exit its investment.